Japanese energy and metal conglomerate ENEOS Holdings, Inc. and a North American family office representing a wealthy family with a strong interest in ocean health have both participated in a JPY 630.09 million (USD 5.7 million, EUR 4.85 million) Series A fundraising round for Urchinomics – a pioneering sea urchin aquaculture venture.
Urchinomics harvests undersized or under-filled sea urchins and feeds them a proprietary feed for six to 12 weeks to enhance their roe (uni in Japanese), and then sells it to fine-dining restaurants. According to a 30 March press release, the company will launch the world’s first commercial-scale urchin ranch in Kunisaki, Oita Prefecture, Japan in April.
The funds will be used to launch additional commercial scale urchin ranches in Japan, North America, and Norway. In addition to its operations in Japan, Urchinomics looking to expand to sites in Newfoundland and Quebec, Canada; Stavanger, Norway; and is planning a pilot site in the U.S. state of California. Urchinomics includes several group companies based in Tokyo, Japan; Halifax, Canada; Ijmuiden, the Netherlands; and Ulsteinvik, Norway.
“With the commercialization of the Japanese operations, Urchinomics has been able to demonstrate how the ranching technology can turn a problematic species into a premium restorative seafood, and how the proceeds from its sale could be reinvested to help sustainably finance future marine habitat restoration efforts,” Urchinomics Founder and CEO Brian Tsuyoshi Takeda said. “We look forward to introducing North America and Norway to this technology at scale soon.”
In certain conditions, sea urchin can overgraze on kelp beds, denuding large areas that become known as “urchin barrens.” By removing urchins from the ocean floor, grazing pressure is reduced and kelp forests recover, restoring coastal ecosystems and the biodiverse animal populations that depend on them.
The investment by ENEOS was through its venture capital arm, ENEOS Innovation Partners LLC., as part of the company’s global Blue Carbon initiative.
“ENEOS' investment represents our confidence in Urchinomics’ proven methodology and our commitment to making blue carbon credits a tangible vehicle to help restore coastal and marine ecosystems and decarbonize our planet,” ENEOS Executive Officer and Emerging Business Development General Manager Yasunori Yazaki said.
Photo courtesy of Urchinomics
